Credit Debt Finances & Money

Your Credit Problems Aren’t Your Fault…Wait, What?

Each morning while getting ready for work, I listen to the radio in the bathroom. It’s the only time I get to listen to the radio anymore since I rarely drive. While sitting on the pot (there’s a visual for you), a commercial comes on and the announcer begins with something like this:

Your credit problems are not your fault. Those sneaky credit card companies will do anything they can to keep you paying them money. Here at XYZ Debt Consolidation, we’ll help you get rid of that pesky credit card debt once and for all!

I don’t recall the name of the debt consolidation company, and it doesn’t really matter as I wouldn’t give them a link anyway, but just the fact that they’re saying that your debt isn’t your fault is totally absurd (unless it was all racked up through identity theft I guess).

Granted, I do sell advertisement spots on this site for debt consolidation companies, and for some people who are in dire need, it’s probably a valid last resort, but c’mon, how can anyway honestly say that their credit card debt isn’t their fault? Whether by buying junk you don’t need or using your credit cards as an emergency fund, then having to pay for surgery with them, it’s either lack of discipline or planning that causes us to get into debt.

Financial Responsibility and Accountability

Back in March, I wrote up an article titled “Who do you blame for your financial problems?” where I state that you, and you alone, are responsible and accountable for your finances. Don’t try and blame your parents, teachers or friends. It’s your money (or credit) for you to decide how to spend, loan, invest or save. If you got yourself into a bad mortgage, you can only blame the lender/broker in as much as they purposely hid information from you (which is illegal). But while the lender is responsible for full disclosure by law, you are both responsible for performing your own analysis and research AND you are accountable for the effects of good and bad decisions alike.

So getting back to the commercial, I’ll just say that it was at least misleading, if not outright lying, to the listeners and should be taken off the air. It’s promoting finger-pointing in a situation where the finger should really be directed right back at you, and you alone.

I don’t blame anyone else for my debts, and neither should you.

About the author

Clever Dude


  • I wholeheartedly agree. I’ve been saying this every since the beginning of the subprime mortgage “crisis”, which is simply a matter of people overreaching.

    Now, I sold my house at the peak because I had been laid off and knew I couldn’t keep it until I got a new job, then I joined the military and moved away anyway. I knew neighbors who were flipping houses who got caught with two mortgages, and I feel no obligation to bail them out. THey created their own plight, and they signed their own names. As far as I’m concerned, they need to pay the consequences.

  • I agree completely! Why should anyone blame anyone but themselves for the debt they chose to get into? It is up to the person taking the loan to be responsible and do their homework. If they don’t take the initiative to learn, how can you help them?

  • I totally agree as well that ultimately it’s your fault. However, I must also admit that society as a whole is to blame in a way too. People are bombarded with advertising, made to feel good only if they spend and life success is often measured by how much people own (instead of their moral values and actions).

  • Watching your presidential candidates on the campaign trail (I’m from Canada) talk about the ‘credit crisis’ only propagates the idea that your debt is someone else’s fault. All this talk about predatory lending gets a bit old. I agree with CarFan that there is a culture of spending in North America, but it has to be your own responsibility to do the research and control your own spending. Too many people are spending beyond their limits and now they’re in trouble.

  • I couldn’t agree with you more, especially if you look at the kind of problems young people have with credit, it seems so obvious that they are not being savvy about managing money and making all the wrong choices.

    If you do not start owning up, you will keep making the wrong choices later on in life also and never come out of the debt spiral any time in their life.


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